Real Estate - Estates

Legal Life Estate

A form of life estate established by state law, rather than created voluntarily by an owner. It becomes effective when certain events occur.Example - Marital. See dower, curtesy, and homestead for legal life estates used in some states.

Leasehold Estate

A tenant's right to occupy real estate during the term of a lease, generally considered to be a personal property interest.

Fee Simple Defeasible

A type of ownership of real property that grants the owner all the incidents of a fee simple absolute except that it may be taken away if a specified condition occurs or does not occur. Usage must conform to certain condition or standards.

Freehold Estate

An estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate.

Freehold, Life Estate

An estate that is measured or limited by a specific person or persons life. A life tenant (where one persons life is the measuring life) or a life estate pur autre vie (french for another life) when the estate ends when the person not living in the house dies

Estate at Will

An occupation of space, for an indefinite period, which can be terminated by either the lessor or lessee at any time. Also referred to as tenancy at will.

Estate for Years Summary

Has a definite beginning and ending date. Does not require notice to terminate at the end of the term. Renewal is not automatic.

Homestead laws

Homestead laws protect family members against losing their homes to general creditors attempting to collect on debts.

Lease from Period to Period

In an estate from period-to-period, also called a periodic tenancy, the tenancy period automatically renews for an indefinite period of time, subject to timely payment of rent. At the end of a tenancy period, if the landlord accepts another regular payment of rent, the leasehold is considered to be renewed for another period

Tenant's Obligations

Pay the rent on time Maintain the property's condition Comply with the rules and regulations of the building Return the premises to the lessor at the end of the term in the condition specified by the lease

Estate at Sufferance

Retention of possession without the consent of the landlord after the lease has expired; also referred to as tenancy at sufferance.

Leasehold Estate Years

The estate for years is a leasehold estate for a definite period of time, with a beginning date and an ending date. The estate for years may endure for any length of term. At the end of the term, the estate automatically terminates, without any requirement of notice.

Fee Simple Absolute

The maximum possible estate one can possess in real property; also referred to as fee simple or fee.

Curtesy

The rights that a husband acquires in the wife's property upon her death.

Dower

The rights that a wife acquires in her husband's fee simple property.

Marital Rights

a legal life estate makes it impossible for one partner to sell the property without the consent of the other.

Elective Share

enables a surviving spouse to make a minimum claim to the deceased spouse's property in place of the provisions in the decedent's will.

Homestead Act of 1862

this allowed a settler to acquire 160 acres by living on it for five years, improving it and paying about $30